Characteristics of Millennials and Centennials Impacting the Real Estate Market
Brian Conlon: What are the characteristics as far as millennials and centennials – how are they impacting the real estate market? Like, what’s the trend that they are setting?
Kevin Conlon: Well, during the recession, jobs were scarce a lot of, in particular millennials, having to live at home. It was hard to find jobs. They were in roommate situations. They were reluctant to marry and form relationships, form households, have children and so on. So you saw a lot of millennials who were fortunate enough to have jobs move into some of the urban areas and enjoy that nice, free and easy urban lifestyle. But now that they have more money and now that they have found partners, they began to have families, they’ve moved out of mom and dad’s house.
So now you see them becoming more interested in owning single-family homes; with a yard and a place for the dog and the cat and the kids to run around in a protected area. So, they want to live in homes. But again, the affordability issue, you know, particularly in the coastal markets, on the West Coast and the East coast, it’s very expensive. You get in the midsection of the country, things are much more affordable. But again, there’s still a lot of people who rent in those markets. And I think it’s created a really good investment opportunity for investors to own these assets that – it’s mainly millennials now. They’re the fastest-growing demographic renting right now.
Brian: We are taking over; very proud of that fact.
Kevin: That’s fair enough.